Jio BlackRock gets Sebi nod for mutual fund business, appoints Sid Swaminathan as CEO

Jio BlackRock Asset Management Private Limited, the 50:50 joint venture between RIL's listed arm Jio Financial Services Limited (JFSL) and BlackRock, has received regulatory approval from the Securities and Exchange Board of India (Sebi) to commence operations as an investment manager for their mutual fund business in India. JioBlackRock Asset Management has also announced the appointment of Sid Swaminathan as its Managing Director and Chief Executive Officer (CEO).

The joint venture aims to bring innovative investment options to both retail and institutional investors in India by leveraging JFSL’s digital reach and local market understanding with BlackRock’s global investment expertise and risk management technology, including their Aladdin platform.

A statement says key differentiators for investors will include competitive and transparent pricing, innovative products, and BlackRock’s risk management capabilities, along with a digital-first customer proposition for retail investors. JioBlackRock Asset Management plans to launch a range of investment products, including those utilising BlackRock’s data-driven investing capabilities, in the coming months.

Isha Ambani, Non-Executive Director, JFSL, said the partnership with BlackRock is a combination of global investment expertise and Jio’s digital-first innovation. "We are committed to making investing simple, accessible, and inclusive for every Indian."

The opportunity in asset management in India today is exciting, says Rachel Lord, Head of International at BlackRock. "JioBlackRock's digital-first customer proposition, delivering institutional quality products at a lower cost directly to investors, will enable more people in India to enjoy the many benefits of access to the capital markets."

The company says its new MD & CEO Sid Swaminathan brings over 20 years of asset management experience, previously holding leadership roles at BlackRock, including Head of International Index Equity and Head of Fixed Income Portfolio Management for Europe. At BlackRock's International Index Equity, he was responsible for an assets under management (AUM) of $1.25 trillion.

"Sid’s deep understanding of investments – across asset classes, investment styles and geographies – will play a key role in his leadership of JioBlackRock Asset Management, as the JV works to deliver innovative investment products to millions of investors in India."

On his appointment, Swaminathan said JioBlackRock Asset Management aims to digitally deliver institutional quality investment products to investors across. "I am honoured to lead JioBlackRock Asset Management and help transform asset management in India by empowering investors to directly harness the potential of investing.”

Amid the development, Jio Financial Services shares are trading 1.85% up (2.03 PM) at ₹286.95 on the BSE.

Jio Financial Services rose its profit 2% year-on-year to ₹316 crore for the quarter ended March 31, 2025. For the full financial year, the company reported a profit of ₹1,613 crore. Total income for the fourth quarter stood at ₹518 crore, up 24% year-on-year. Jio Financial Services’ asset under management stood at ₹10,053 crore as of March 31, 2025, up from ₹173 crore as of March 31, 2024, and ₹4,199 crore as of December 31, 2024.

The JFSL group’s physical footprint also grew during the year, with Jio Finance Ltd establishing a physical presence in 10 Tier-1 cities, which are exhibiting strong demand for its suite of retail and corporate lending solutions. Jio Payments Bank Limited, which had 2.31 million customers as on March 31, 2025, expanded its network of Business Correspondents (BC) to 14,000+ BCs, an over six-fold increase over FY24.